Neural network DEA for measuring the efficiency of mutual funds

Efficiency in the mutual fund (MF), is one of the issues that has attracted many investors in countries with advanced financial market for many years. Due to the need for frequent study of MF's efficiency in short-term periods, investors need a method that not only has high accuracy, but also high speed. Data envelopment analysis (DEA) is proven to be one of the most widely used methods in the measurement of the efficiency and productivity of decision making units (DMUs). DEA for a large dataset with many inputs/outputs would require huge computer resources in terms of memory and CPU time. This paper uses neural network back-ropagation DEA in measurement of mutual funds efficiency and shows the requirements, in the proposed method, for computer memory and CPU time are far less than that needed by conventional DEA methods and can therefore be a useful tool in measuring the efficiency of a large set of MFs. Copyright © 2014 Inderscience Enterprises Ltd.

Problems with mutual wills:a study of probate practice

Legislation: Law of Property (Miscellaneous Provisions) Act 1989 (c.34) s.2 Case: Healey v Brown [2002] W.T.L.R. 849 (Ch D) Paper looks at the use of mutual wills in practice. An empirical survey of probate solicitors is carried out and the results analysed. Significantly most solicitors seem, unaware of the controversial ruling as regards mutual wills in Healey v Brown and the impact of S.2 Law of Property Miscellaneous Provisions Act 1989 where land is concerned. Unsuprisingly the survey demonstrates that mutual wills are not commonly used and tend to be avoided by practising solicitors.

Mutual Adaptation of the Computer Environment and Individual

In article the problems of mutual adapting of the humans and computer environment are reviewed. Features of image-intuitive and physical-mathematical modes of perception and thinking are investigated. The problems of choice of means and methods of the differential education the computerized society are considered.

Hybrid sampling on mutual information entropy-based clustering ensembles for optimizations

In this paper, we focus on the design of bivariate EDAs for discrete optimization problems and propose a new approach named HSMIEC. While the current EDAs require much time in the statistical learning process as the relationships among the variables are too complicated, we employ the Selfish gene theory (SG) in this approach, as well as a Mutual Information and Entropy based Cluster (MIEC) model is also set to optimize the probability distribution of the virtual population. This model uses a hybrid sampling method by considering both the clustering accuracy and clustering diversity and an incremental learning and resample scheme is also set to optimize the parameters of the correlations of the variables. Compared with several benchmark problems, our experimental results demonstrate that HSMIEC often performs better than some other EDAs, such as BMDA, COMIT, MIMIC and ECGA. © 2009 Elsevier B.V. All rights reserved.

The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

O direito penal do inimigo na atualidade: Mutual Legal Assistance Treaty – MLAT, em matéria penal, celebrado entre a República Federativa do Brasil e os Estados Unidos da América bem como seus reflexos na jurisdição brasileira

In view of the climate of instability and deep social inequalities, it has been evident in the Brazilian reality, a new way to punish systematic already developed and consolidated in other countries, in which, among other things, the criminality is anticipated only by danger that the individual sports. It appears, therefore, that the theory developed by Günter Jakobs, nominated Criminal Law of the Enemy, became subtly inserted in the Brazilian reality as well as in international relations signed. In this sense, the Brazilian State, in order to carry out the international legal cooperation in the criminal field, signed a mutual assistance agreement with the government of the United States of America. Forward the conclusion of Mutual legal Assistance Treaty (MLAT), the signatory countries voiced a desire to cooperate in order to facilitate the implementation of tasks of the authorities responsible for law enforcement in both countries, comprising research, investigation, prosecution and prevention of crime, said internalized adjustment in the Brazilian legal system by means of Decree No. 3810 of 02 May 2001. Alongside these considerations, the present study aims to analyze the Criminal law of the Enemy today, seeking to find evidence of that theory in the MLAT, international legal cooperation instrument signed between the government of the Federative Republic of Brazil and the government of the United States of America. Moreover, it has the objective to describe its effects on the Brazilian jurisdiction, especially as concerns the relativity and the suppression of human rights. Once done the introit, analysis will be carried out in the first chapter, on the definition and main features of the theory of Criminal Enemy of the law, it is imperative to approach the humanistic aspect that preceded the theory as well as the dealings given to some controversial issues surrounding it, such as the anticipation of the enemy's punishment and the disproportionality of the penalties imposed. In the second chapter will present the conceptual assumptions, historical evolution and the positives aspects, as well as the barriers and the pursuit of effectiveness of international legal cooperation. In the chapter, bedroom effective analysis of specific modality of cooperation will be held, the Mutual legal Assistance Treaty - MLAT in criminal matters, signed between the Federative Republic of Brazil and the United States of America, in which the general aspects will be addressed and the MLAT reflections on the Brazilian jurisdiction, which includes analysis about the relativity or suppression of human rights, future trends and creating stricter laws, followed by the presentation of the seized conclusion on the subject, in which, among other approaches, will be voiced understanding about the unconstitutionality certain service requests that, from these, there is the bad use of the agreed instrument.

The emerging ASEAN approach to mutual recognition : a comparison with Europe, trans-Tasman, and North America

Existing studies on mutual recognition agreements (MRAs) are mostly based on the European experience. In this paper, we will examine the ongoing attempts to establish a mutual recognition architecture in the Association of Southeast Asian Nations (ASEAN) and seek to explain the region's unique approach to MRAs, which can be classified as a "hub and spoke" model of mutual recognition. On one hand, ASEAN is attempting to establish a quasi-supranational ASEAN-level mechanism to confer "ASEAN qualification" effective in the entire ASEAN region. On the other hand, ASEAN MRAs respect members' national sovereignty, and it is national authorities, not ASEAN institutions, who have the ultimate power to approve or disapprove the supply of services by ASEAN qualification holders. Such a mixed approach to mutual recognition can be best understood as a centralized mechanism for learning-by-doing, rather than centralized recognition per se.

The Great Irish Famine in history-writing and prose fiction : "the mutual interplay of two narrative genres"

Denna tvärvetenskapliga studie kontextualiserar den skönlitterära framställningen av hungersnöden i Irland i mitten av 1800-talet i förhållande till tre olika faser av irländsk historieskrivning ‒ den nationalistiska, den revisionistiska, och den postrevisionistiska ‒ med syfte att granska i vilken mån prosafiktionen antingen återspeglar eller motsäger historikernas tolkningar. År 1845 drabbades landet av en dittills okänd potatispest som förstörde skörden helt eller delvis under de följande fem åren. Missväxten ledde till utbredd svält och epidemiska sjukdomar som dödade åtminstone en miljon människor, medan ytterligare en och en halv miljon flydde, huvudsakligen till Förenta Staterna, England, och Kanada. I sina försök att hitta en rationell förklaring till hur potatispesten kunde utvecklas till den värsta svältkatastrofen i Europa under modern tid, har historiker påvisat ett antal bidragande faktorer, till exempel överbefolkning, de fattigaste jordlösa småbrukarnas och lantarbetarnas beroende av potatisen som sitt baslivsmedel, underutveckling inom jordbruket, det rådande jordegendomssystemet, och den dåvarande brittiska regeringens misslyckande att tillhandahålla effektiv och tillräcklig nödhjälp. Historiska förklaringar är naturligtvis nödvändiga för att vi skall kunna bilda oss en uppfattning om hungersnödens orsaker och konsekvenser, men svårigheten med att skildra offrens situation i en historiografisk analys baserad på fakta är uppenbar då deras egna vittnesmål till största delen saknas i källmaterialet. Följaktligen finns det en risk att historieskrivningen förmörkar det som onekligen var centrala realiteter för de värst drabbade, nämligen svält, vräkning, sjukdom och död. Här kan skönlitteraturen bidra till att komplettera historien. Genom att fokusera på ett specifikt (fiktivt) samhälle och dess (fiktiva) individer, kan skönlitterära verk ge en inblick i hur hungersnöden inverkade på olika samhällsskikt, vad människorna gjorde för att överleva, hur nöden och fasorna påverkade deras psyke, och vad eller vem de höll ansvariga för katastrofen. Å andra sidan kan denna fokusering innebära att författaren misslyckas med att ge en helhetsbild av hungersnödens enorma omfattning och att redogöra för alla faktorer som orsakade och förlängde den. Paul Ricoeurs teori om samspelet mellan historia och fiktion (the interweaving of history and fiction) är därför ett nyckelbegrepp för att bättre förstå denna traumatiska period i Irlands historia. Avhandlingen omfattar en textanalytisk, komparativ kritik av ett antal historiska och skönlitterära verk. Genom närläsning av dessa texter granskar jag vilka aspekter av hungersnöden (politiska, ekonomiska, sociala) de olika författarna valt att behandla, och på vilket sätt, samt hur deras synvinklar har format tolkningarna i sin helhet. I detta sammanhang tar jag också upp skillnaderna mella fakta och fiktion, och speciellt de etiska problem som är förknippade med skildringen av traumatiska händelser och mänskligt lidande. Samtidigt undersöker jag, med hänvisning till Roger D. Sells kommunikationsteori, huruvida vissa författare anslår en påstridig ton i sina verk och hur detta påverkar dialogen mellan författare och läsare. Med utgångspunkt i Ricoeurs teori argumenterar jag för att historia och fiktion inte bör ses som ömsesidigt antitetiska diskurser i skildringen och tolkningen av det förflutna, och att skönlitteraturen genom fokuseringen på offren, som ofta tenderar att reduceras till statistik i historieskrivningen, kan förmedla en bättre förståelse och en djupare känsla för den mänskliga dimensionen av den tragedi som utspelades under hungeråren.

High performance terahertz resonant tunnelling diode sources and broadband antenna for air-side radiation

Resonant tunnelling diode (RTD) is known to be the fastest electronics device that can be fabricated in compact form and operate at room temperature with potential oscillation frequency up to 2.5 THz. The RTD device consists of a narrow band gap quantum well layer sandwiched between two thin wide band gap barriers layers. It exhibits negative differential resistance (NDR) region in its current-voltage (I-V) characteristics which is utilised in making oscillators. Up to date, the main challenge is producing high output power at high frequencies in particular. Although oscillation frequencies of ~ 2 THz have been already reported, the output power is in the range of micro-Watts. This thesis describes the systematic work on the design, fabrication, and characterisation of RTD-based oscillators in microwave/millimetre-wave monolithic integrated circuits (MMIC) form that can produce high output power and high oscillation frequency at the same time. Different MMIC RTD oscillator topologies were designed, fabricated, and characterised in this project which include: single RTD oscillator which employs one RTD device, double RTDs oscillator which employs two RTD devices connected in parallel, and coupled RTD oscillators which combine the powers of two oscillators over a single load, based on mutual coupling and which can employ up to four RTD devices. All oscillators employed relatively large size RTD devices for high power operation. The main challenge was to realise high oscillation frequency (~ 300 GHz) in MMIC form with the employed large sized RTD devices. To achieve this aim, proper designs of passive structures that can provide small values of resonating inductances were essential. These resonating inductance structures included shorted coplanar wave guide (CPW) and shorted microstrip transmission lines of low characteristics impedances Zo. Shorted transmission line of lower Zo has lower inductance per unit length. Thus, the geometrical dimensions would be relatively large and facilitate fabrication by low cost photolithography. A series of oscillators with oscillation frequencies in the J-band (220 – 325 GHz) range and output powers from 0.2 – 1.1 mW have been achieved in this project, and all were fabricated using photolithography. Theoretical estimation showed that higher oscillation frequencies (> 1 THz) can be achieved with the proposed MMIC RTD oscillators design in this project using photolithography with expected high power operation. Besides MMIC RTD oscillators, reported planar antennas for RTD-based oscillators were critically reviewed and the main challenges in designing high performance integrated antennas on large dielectric constant substrates are discussed in this thesis. A novel antenna was designed, simulated, fabricated, and characterised in this project. It was a bow-tie antenna with a tuning stub that has very wide bandwidth across the J-band. The antenna was diced and mounted on a reflector ground plane to alleviate the effect of the large dielectric constant substrate (InP) and radiates upwards to the air-side direction. The antenna was also investigated for integration with the all types of oscillators realised in this project. One port and two port antennas were designed, simulated, fabricated, and characterised and showed the suitability of integration with the single/double oscillator layout and the coupled oscillator layout, respectively.

Conditional mutual inclusive information enables accurate quantification of associations in gene regulatory networks

International audience

Impact of the cation symmetry on the mutual solubilities between water and imidazolium-based ionic liquids

Aiming at the evaluation of the impact of the ionic liquids (ILs) cation symmetry on their phase behaviour, in this work, novel mutual solubilities with water of the symmetric series of [C(n)C(n)im][NTf2] (with n=1-5) were determined and compared with their isomeric forms of the asymmetric [C(n)C(1)im][NTf2] group. While the solubility of isomeric ILs in water was found to be similar, the solubility of water in ILs follows the same trend up to a maximum cation alkyl side chain length. For n >= 4 in [C(n)C(n)im][NTf2] the solubility of water in the asymmetric ILs is slightly higher than that observed in the symmetric counterparts. The thermodynamic properties of solution and solvation derived from the experimental solubility data of ILs in water at infinite dilution, namely the Gibbs energy, enthalpy and entropy were used to evaluate the cation symmetry effect on the ILs solvation. It is shown that the solubility of ILs in water is entropically driven and highly influenced by the cation size. Accordingly, it was found that the ILs solubility in water of both symmetric and asymmetric series depends on their molecular volume. Based on these findings, a linear correlation between the logarithm of the solubility of ILs in water and their molar volume is here proposed for the [NTf2]-based ILs at a fixed temperature.